What US 31 CFR Part 501: Reporting Procedures and Penalties Regulations (OFAC) requires
US 31 CFR Part 501 establishes the reporting, procedures, and penalties framework applicable to OFAC sanctions programs including Specially Designated Nationals (SDN) List, Sectoral Sanctions Identifications (SSI) List, and country-based programs (e.g., Russia, Iran, Cuba, North Korea, Venezuela, Syria). Part 501 covers blocking of property and interests (blocked report TD F 90-22.50 within 10 business days), rejected transactions reporting (within 10 business days), annual reports of blocked property, license application procedures (general and specific), penalty matrix referencing International Emergency Economic Powers Act (IEEPA) with civil penalty up to $377,700 per violation 2024 dollars and criminal up to $1 million and 20 years.
Pillar: Financial Crime, AML & Sanctions · Authority: US OFAC Treasury · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-V/part-501
SHA-256 integrity: 7e22617c480c9b6994696f30105baf0105f5db7ea6dbe895a38fd4209ea68278
Primary Citations — 5 traced to source
- US 31 CFR Reporting Procedures and Penalties Regulations
- US 31 CFR § 501.603 Reports on blocked property
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